The Dangote Refinery has raised its ex-depot price of Premium Motor Spirit (PMS) by N75 per litre, intensifying concerns over a potential new wave of fuel price increases nationwide. The adjustment comes alongside a temporary suspension of product sales following disruptions in its Proforma Invoice (PI) processing system.
Data from Petroleumprice.ng, corroborated by a Dangote Refinery official on Wednesday, shows that the depot price for petrol was increased from N1,200 to N1,275 per litre, while the coastal supply price rose to N1,215 per litre.
The development, which took effect during ongoing operational adjustments, has already begun to ripple through the downstream petroleum market.
“Yes, the increase of PMS to N1,275 per litre is true. Coastal price is N1,215,” the official confirmed.
Separately, a source familiar with operations said the refinery suspended its Proforma Invoice entry process at about 4:00 pm on Tuesday, disrupting normal loading and supply coordination. The interruption reportedly led to a temporary halt in the sale of both petrol and Automotive Gas Oil (diesel).
Marketers and traders have reacted swiftly to the developments, with many bracing for higher depot costs and the likelihood of corresponding increases in pump prices across the country. Industry operators noted that disruptions of this nature typically raise logistics and distribution costs, adding further pressure along the fuel supply chain.
The changes come amid a broader rise in global crude oil prices, driven by tightening supply conditions and geopolitical tensions around the Strait of Hormuz, a key global shipping route.
As of 10:35 a.m. (WAT), Brent crude was trading at $114.80 per barrel, up 3.15%, while West Texas Intermediate stood at $103.40 per barrel, a 3.49% increase.
The surge in crude prices has increased feedstock costs for refiners globally, prompting upward adjustments in refined petroleum product pricing.
